Beijing, November 28, 2024 – The Europe Today: As of Wednesday, China’s box office revenue for 2024 stands at 40 billion yuan (approximately $5.56 billion), according to data from the Maoyan platform. Although this marks a 21% decline compared to last year, industry analysts remain optimistic about the resilience and potential of the Chinese film market.
Strong Start, Uneven Momentum
The year began with robust performances during key holiday seasons. The Spring Festival, historically the most lucrative moviegoing period in China, delivered exceptional results. Four of its releases rank among the top five earners for 2024, led by Jia Ling’s comedy YOLO and Han Han’s sequel Pegasus 2, each grossing approximately 3.4 billion yuan.
However, the summer season saw a significant slowdown, with box office revenue plummeting 44% year-on-year. October’s National Day holiday provided stability, albeit with moderate results, while off-peak periods struggled to attract audiences.
“The market is advancing amid fluctuations,” Maoyan analyst Lai Li commented, noting strong demand during peak periods. He emphasized that evolving industry dynamics call for higher standards among stakeholders to sustain growth.
Comedy as the Year’s Leading Genre
Comedy emerged as the dominant genre, accounting for nearly 20 billion yuan, or half of the total box office revenue, according to Beacon analyst Chen Jin. This trend reflects shifting audience preferences, as highlighted in a joint report by the China Film Association and Beacon.
The report underscored challenges such as rationalized spending, increased competition from alternative entertainment, and a slowdown in cinema-related expenditure. Additionally, younger audiences have yet to embrace moviegoing as a consistent habit, a concern flagged by Rao Shuguang, president of the China Film Critics Association.
“Strengthening cinema’s unique appeal and cultivating stronger habits among younger demographics are essential for long-term growth,” Rao stated.
Recovery of Imported Films
Domestic productions continue to dominate the box office, with eight of the year’s top ten grossing films originating in China. Notable exceptions include Hollywood’s Godzilla x Kong: The New Empire and Japan’s The Boy and the Heron, ranking ninth and tenth with respective revenues of 957 million yuan and 791 million yuan.
Imported films have rebounded strongly in 2024, generating over 9.2 billion yuan to surpass 2023’s total. Their market share has grown to over 20%, showcasing a renewed appetite for global cinema in China.
Rao emphasized the importance of fostering collaboration with international filmmakers. “Strengthening exchanges with the global film industry and diversifying imported genres not only meet market demand but also offer valuable learning opportunities for Chinese filmmakers,” he said.
Outlook for Year-End Season
Attention is now turning to the year-end moviegoing season, which runs from November 22 to December 31. November’s top earners include Sony’s Venom: The Last Dance, the disaster thriller Cesium Fallout, and Shao Yihui’s critically acclaimed Her Story.
Upcoming releases, such as Disney’s Moana 2, Indian drama Maharaja, and domestic productions like Octopus with Broken Arms, are expected to drive further momentum. Industry insiders hope these offerings will provide a strong finish to a challenging yet resilient year for China’s film market.
